Midwest migration

Is it reversal of fortune or a blessing for committed city dwellers?

The coasts are losing people to the Midwest. Though California is shedding less than it did in the 1990s when aerospace tanked, the state's ridiculous real estate prices are driving out the people who are seeking greater space at less cost. Looks like Boston, Washington DC, and other urban areas are following suit.

I have no kids nor do I plan to start a family or buy property any time soon. For people like me, I'm happy to wave goodbye to my fellow competitors in the rental market, on the freeways, and in the aisles of the grocery store. A less crowded Bay Area is, as far as I'm concerned, one of the potential upsides to our crazy local market.

Got $100K?

You'll need it to buy a median-priced home in California. Looks like there's about an even chance of getting hit by lightning and owning a home, for many if not most state residents.

Should this be decried or celebrated? What might shifting to a renter's market mean?

It could mean people become less tied to their property and more strongly fixed on other things. As owning your own home -- the much-vaunted American dream -- evaporates, something else might take its place. Something with just as much, if not more substance.

It's a thought.